Tech Mahindra plans B-school in city, Patanjali may take 40 more acres in Mihan

Acharya Balkrishna, managing director of Patanjali Ayurveda who was one of the speakers for the meet, said the company is planning to acquire another 40 acres of land in MihanTNN | November 20, 2016, 12:48 IST

Since Patanjali was the sole bidder after three rounds, it got the land at a rate marginally above the already reduced base price.NAGPUR: After Indian Institute of Management (IIM), the city can hope to get one more premium business school. At the same time, emerging FMCG major Patanjali Ayurved is planning to scale up its land holding in Mihan-SEZ by 40 acres, taking it to 330 acres in the entire project. The company is eyeing export of herbal medicine through its Nagpur project now under development.

Union minister for transport Nitin Gadkari, said that Tech Mahindra, which already has a unit in Mihan-SEZ, is also scouting for land to start a management university in the city. “Talks were held with CP Gurnani, managing director of Tech Mahindra, who was interested in starting a management university here,” said Gadkari while speaking at the inaugural function of Annual Global Nagpur Summitt 2016 held at Persistent System’s campus in IT Park.

The minister also said that the development of Nagpur airport as an international air cargo and passenger hub is expected to begin within a month or two. Last month, six offers were received after requests for qualifications (RFQs) were called for roping in a strategic investor to develop the airport.

Acharya Balkrishna, managing director of Patanjali Ayurveda who was one of the speakers for the meet, said the company is planning to acquire another 40 acres of land in Mihan-SEZ. Patanjali has land both in the SEZ and non-SEZ parts of the Mihan.

“Chief minister Devendra Fadnavis has asked us to further invest in Nagpur after which we have planned to take up another 40 acres in SEZ. Around 80% of the output will be exported. Stress will be on exporting herbal medicine as there is not much market for herbal cosmetics,” Acharya Balkrishna told media on the sidelines of the programme.

At present, Patanjali has 230 acres in non-SEZ and 60 acres within SEZ area of Mihan. The units in SEZ and non-SEZ areas will cater to the company’s overseas and domestic market respectively.

The Maharashtra Airport Development Company (MADC) had offered the non-SEZ land to Patanjali at a loss of Rs170 crore. Even as it was offered through an auction, the base price was lowered to Rs25 lakh an acre as against the earlier fixed rate of Rs1 crore for non-SEZ land. Since Patanjali was the sole bidder after three rounds, it got the land at a rate marginally above the already reduced base price.

Later, a source in the MADC said that Patanjali had made inquiries for getting another Rs20 to 25 acres in the SEZ. It will be offered at the current rates of Rs70 lakh an acre as against Rs60 lakh earlier. The rates have been hiked to make good the loss suffered in earlier deal with Patanjali.

The RFQs for the airport are being assessed and a final call will be taken in due course, said a source in Mihan India Limited (MIL) which runs the airport.